Loans

Cronheim Arranges $16M Refinancing for Two Adjacent Hotels Near Chattanooga

by Camren Skelton April 4, 2018

TIFTONIA, TENN. — Cronheim Hotel Capital (CHC) has arranged a $16 million loan for the refinancing of two hotels in Tiftonia: a Hampton Inn and a Fairfield Inn & Suites. The adjacent properties are located roughly five miles southwest of Chattanooga. Cronheim arranged the 10-year loan with a 30-year amortization schedule and a fixed interest rate of 4.12 percent on behalf of the borrower, Vision Hospitality Group Inc. The Chattanooga-based company developed the Hampton Inn and Fairfield Inn in 2009 and 2013, respectively. The properties share a common parking lot and feature business centers, meeting rooms, fitness centers and swimming pools.

April 4, 2018

Hospitality Loans New York Northeast

Meridian Capital Arranges $23.5M in Refinancing for 130-Room Hotel in Brooklyn

by David Cohen April 3, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $23.5 million loan for the refinancing of the 130-room Box House Hotel in the Greenpoint neighborhood of Brooklyn. New York-based Ladder Capital provided the loan, which features interest-only payments. The borrower was undisclosed. Cary Pollack and Judah Neuman of Meridian negotiated the terms of the loan. The Box House Hotel is a former warehouse space at 77 Box St. that was redeveloped into a hotel in 2012. The four-story property also features a rooftop event space with views of the Manhattan skyline. Greenpoint is accessible from Manhattan via the G subway line and the East River ferry.

April 3, 2018

Loans Multifamily Northeast Pennsylvania

Cross Properties Secures $40M for Renovation of Historic Apartment Community in West Philadelphia

by David Cohen April 3, 2018

PHILADELPHIA — Developer and investment firm Cross Properties has secured a $40 million construction loan for the renovation of The Dane, a historic, 241-unit apartment community in West Philadelphia at the Wynnefield train stop. The lender was a syndicate led by Univest Bank. The property, which was built in 1960, is listed on the National Register of Historic Places. Renovation is now underway to transform the property into a class A apartment building. The project is slated for completion in early 2019.

April 3, 2018

Illinois Loans Midwest Multifamily

KeyBank Originates $92.7M Refinancing of Apartment Property in Chicago

by Kristin Harlow April 3, 2018

CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.

April 3, 2018

Loans Multifamily Texas

NXT Capital Provides $46M Loan for Refinancing of Apartment Community in Metro Houston

by Taylor Williams April 3, 2018

SPRING, TEXAS — NXT Capital, a Chicago-based lender, has provided $46 million for the refinancing of a 354-unit apartment community in Spring, a northern suburb of Houston. The property is located off Interstate 45 and features amenities such as a pool, two-level fitness center, resident lounge, outdoor grilling stations, a dog park and a car wash. Elliott Throne of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower. The name of the property was also withheld.

April 3, 2018

Loans Multifamily Nevada Seniors Housing Western

Meridian Capital Arranges Construction Financing for 66-Bed Memory Care Facility Near Las Vegas

by Nellie Day April 3, 2018

HENDERSON, NEV. — Meridian Capital Group has arranged an undisclosed amount of construction financing for The Vineyard, a memory care community in Henderson, a suburb of Las Vegas. The borrower is Valeo Partners, which is developing the project. The property features 66 beds across 62 units. The seniors housing division of Valeo Partners is seeking to expand its portfolio. A balance-sheet lender provided the 36-month loan. Peter Martz, based in Meridian’s Boca Raton, Fla. office, negotiated the financing.

April 3, 2018

Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Arranges $13.4 Million in Financing for Five-Story Boston Mixed-Use Property

by David Cohen April 2, 2018

BOSTON — Fantini & Gorga has arranged $13.4 million in permanent financing for a five-story, mixed-use property located at 900 Beacon St. in the Audubon Circle neighborhood of Boston. The property, known as Gateway Boston, was completed in 2016 and features a mix of 32 residential units on four floors plus 4,500 square feet of street-level retail. Tim O’Donnell, Casimir Groblewski and Despina Hixon of Fantini & Gorga arranged the financing, a fixed-rate loan for a period of 15 years, with a life insurance company. The borrower was not disclosed.

April 2, 2018

Connecticut Loans Northeast

Washington Trust Provides $2.7M in Refinancing for Flex Property in Wallingford

by David Cohen April 2, 2018

WALLINGFORD, CONN. — Washington Trust has provided $2.7 million for the refinancing of a multi-tenant flex commercial property in Wallingford, located halfway between New Haven and Hartford off I-91. The one-story building is located within Barnes Industrial Park and includes 41,284 square feet of office and industrial space. The borrowers are long-term clients of Washington Trust.

April 2, 2018

Florida Loans Multifamily Seniors Housing Southeast

Ziegler Provides $94.3M HUD Refinancing for 639-Unit Seniors Housing Community in North Florida

by Camren Skelton April 2, 2018

GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.

April 2, 2018

Hospitality Loans Southeast Virginia

Mission Capital Secures $47M Refinancing for Hyatt-Branded Hotel in Metro D.C.

by Camren Skelton April 2, 2018

ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

April 2, 2018

Newer Posts

Older Posts